Exhibit 10.3
[Global Sports, Inc. Letterhead]
April 23, 2002
Xx. Xxxxxx X. Xxxxx
Dear Xxxxx:
Reference is made to the Employment Agreement, dated January 10, 2000 (the
"Employment Agreement"), between Global Sports, Inc. (the "Company") and you.
The Company and you desire to extend the term of the Employment Agreement in
consideration of your agreement to terminate certain options to purchase shares
of the Company's common stock that were previously granted to you.
In consideration of the agreements contained in this letter, and intending
to be legally bound hereby, the Company and you agree as follows:
1. The term of the Employment Agreement is hereby extended by two years so
that the term will end on December 31, 2006, unless sooner terminated in
accordance with the other provisions of the Employment Agreement. During
the extended term of your Employment Agreement, so long as you continue
in the employ of the Company, you will be entitled to receive annual
increases in your Base Salary in an amount equal to the annual increase
provided for with respect to last year of the initial term of your
Employment Agreement and you will continue to be eligible to receive
annual bonuses equal to the bonus provided for with respect to the last
year of the initial term of your Employment Agreement.
2. The options listed on Exhibit "A" hereto to purchase shares of the
Company's common stock that were granted by the Company to you pursuant
to the Company's 1996 Equity Incentive Plan are hereby terminated as of
the date of this letter.
3. Except as otherwise specifically provided for in this letter, all terms
and conditions of your Employment Agreement will remain in full force
and effect.
Xx. Xxxxxx X. Xxxxx
April 23, 2002
Page 2
Please indicate your agreement with the foregoing by signing this letter
where indicated below and returning a copy to me.
Sincerely,
/s/ Xxxxxxx X. Xxxxx
Xxxxxxx X. Xxxxx
Chairman, President and
Chief Executive Officer
AGREED TO AND ACCEPTED:
/s/ Xxxxxx X. Xxxxx
----------------------------
Xxxxxx X. Xxxxx
Exhibit "A"
Option Date Number of Shares Option Price Type of Option
-------------------- ----------------------- ------------------- ---------------------
1/13/00 40,000 $ 17.50 ISO
3/10/00 10,000 $ 20.75 ISO
3/23/00 10,000 $17.625 ISO
